It sounds like the dedicated fridge is the way to go in the long run. I didn't know that they can go as warm as 70 Farenheit. Is it a special fridge or doesn it need to be modified somehow?

You'd want to pick up a temperature control unit. Essentially you plug that into the outlet, then plug the fridge into the unit. Set your desired temperature and tape the probe to the side of the fermentor and insulate it. You want it to read the temp of the beer, not the temp of the air. An active ferment can get 10F above ambient air. The control unit will turn on if the temp of the beer gets above your set point, and will turn the fridge off when it gets cooled back down to it. They aren't cheap, you can pick them up new from $75-120 depending. Used would obviously be cheaper, but I'd be wary about buying used, as with any electronic device.

I'm not even sure I can find one of those controllers around here without a great deal of effort. I would probably need to order one. Electricity isn't too expensive here anyway, so it sounds like running my A/C constantly may be a better idea than investing a few hundred bucks on a fridge and other equipment for now.

Do I have to worry about this stinking up my guest bedroom?

Not really... if your guest bedroom is occupied, the steady glug glug sound would be more bothersome than any aromas it gives off (it'll smell good to beer lovers).

One post mentioned building a small insulated unit to help hold temp down. Check out a YouTube Video "son of a fermentation chiller", maybe you could use one of your existing air conditions in place of the loads of ice that it takes to run one of these. I've built one they are not too expensive or time consuming.

So it sounds like I should be trying to keep the room temperature around 60F if I want to keep the brew at 68-70F. Does that sound about right?

All I have for a temperature gadge is one of those sticker thermometers that attach to the side of the primary fermentor. Will this be sufficient/accurate as lonf as my A/C isn't blowing directly onto it? What's the best place on the bucket to stick the thermometer on?

Peltiers.

You can run 'em to heat or cool.

The trick to getting a peltier module to perform is simple: Surface area.

Mount 'em to an aluminum plate of some size onto which you will have stroke sanded a radius the same as your fermenter. Use heat transfer goo like you use when mounting the CPU in your mother board and some large band clamps to squeeze the whole thing to the fermenter.

I should think that the BCS 460 or Brew Troller will suffice for your microprocessor controller and you will need a temperature probe in the fermenter. You could use Arduino too, but that'd be out of my depth.

Dude, you're scaring me.

Anyone care to translate or provide a simpler answer?